According to ME News, on April 15 (UTC+8), the Central Bank of Russia announced plans to require all cryptocurrency traders to complete identity verification (KYC) and restrict unverified users from withdrawing crypto assets from domestic platforms, in order to strengthen oversight of the domestic crypto market. Under the proposed rules, Russia will mandate that domestic exchanges fully implement real-name registration and prohibit users from transferring funds from domestic custodial wallets to overseas non-custodial wallets. Additionally, regulators plan to require residents to declare their overseas crypto asset holdings to enhance monitoring of capital outflows. Vladimir Chistyukhin, Deputy Governor of the Central Bank, stated that the new regulations will not ban individuals from holding or using crypto assets, but will focus on increasing transparency and compliance to mitigate money laundering risks. The policy is expected to take effect in July alongside a new round of cryptocurrency regulatory legislation. Analysts believe this move reflects Russia’s attempt to control capital flows amid economic pressure by strengthening crypto regulation. (Source: ODAILY)
Russia's Central Bank Proposes KYC for Crypto Transactions to Strengthen Capital Flow Monitoring
KuCoinFlashShare
Summary
Russia’s Central Bank has proposed KYC (Know Your Customer) requirements for crypto traders to enhance monitoring of capital flows, according to MetaEra. The rules would compel exchanges to verify user identities and prohibit anonymous accounts from withdrawing assets. Transfers from domestic custodial wallets to foreign non-custodial wallets would also be blocked. Residents may be required to disclose their overseas crypto holdings. Deputy Governor Vladimir Chistyukhin emphasized that the goal is to increase transparency, not to restrict crypto usage. The policy is scheduled for implementation in July 2026 through new legislation. Analysts view the measures as an effort to track capital gains tax and control capital outflows amid economic pressure.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.